Enhancing Customer Experiences with Embedded Finance

Meeting today’s digital-first consumers where they are

The pandemic has created a new digital-first consumer across all generations. Consumer expectations for convenient experiences are higher than ever and consumer behaviors have shifted dramatically. In fact, according to a McKinsey & Company study, online purchasing has grown in the double digits across a broad range of categories, including over-the-counter medications, groceries, and household items. Similarly, another McKinsey study found that convenience is one of the main factors that consumers consider when choosing where to shop. So, it shouldn’t come as a shock that many brands across a variety of industries are looking for ways to attract and retain customers. 

With embedded finance, you can provide banking and payment services that help attract new customers, deepen relationships, and encourage customers to spend with you. At its core, embedded finance is about integrating frictionless, digital payments, and financial experiences right into your business’ branded environments, giving customers a seamless and more feature-rich brand experience than ever before. Businesses that are already embracing this shift are reaping the benefits of increased customer loyalty, incremental revenue, and market share.

The embedded finance movement and opportunity 

The opportunities for embedded finance are virtually endless. Most of us have engaged with some form of embedded finance whether we realize it or not. Embedded finance (also known as BaaS: Banking as a Service, IaaS: Insurance as a Service, and PaaS: Payments as a Service) solutions are essentially financial tools or services – such as banking, payment processing, insurance, or lending options – often provided directly to a buyer at the point of service by a financial provider through a non- financial company. Embedded finance technology is behind most digital wallets, wealth management tools, digital banking services, embedded payments, buy now, pay later lines of credit and more. There are many brands, products, and services that could benefit from an embedded finance solution to make their customers’ lives more convenient. 

With more than 20 years of experience and expertise, Netspend offers one of the most comprehensive and innovative embedded finance platforms available today. Netspend’s integrated financial services and BaaS solutions are backed by proven strategies, trusted relationships and a personalized support model that saves you time and internal resources. All to help accelerate time to market, scale more efficiently and grow. This includes: 

• Deep partnership from setup to launch, scaling operations and customer service.

• A proprietary payment processing platform for more control of features, enabling fast, more seamless integrations and customer experiences.

• Advanced fraud controls and case management.

To learn more about our embedded finance solution, click here to download our ebook.

About the Author: Walt Granville serves as Netspend’s Senior Vice President, Business Development. Walt leads a team of experts that are responsible for working with partners to unlock growth through payments and digital banking innovation. His Netspend partnership team has developed card programs, employer payment solutions and embedded finance offerings across multiple industries including; Technology, Gaming, Ecommerce, Lending, Fintech, Healthcare, Retail and Alternative Financial Services. An industry veteran with over 20 years of experience in the US and European financial services and payment industry, Walt has held roles managing strategic partnerships and product innovation teams for payment networks, processors, issuers and technology innovators. Prior to joining Netspend, Walt held various roles with Visa, First Data, Affinion Loyalty Group, and Monitise.